Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[justusranvier]

The reason is because money (or bitcoin, or gold) is not real wealth, it is only a token that society will accept and exchange for real wealth.  The exchange is so smooth and universal that, for personal or corporate finances, it is justifiable to treat money the same as wealth.  But when considering a whole nation, or the world, one must ignore the money and focus only on the real wealth.

True.

No matter how much  money the government creates of derstroys, confiscates or gives away, the real weath of the country will not change.  Fiddling with the finacial system, the currency, and the money supply can only change the distribution of wealth among the citizens

Tragically, myopically, false.

Wealth is not a static thing - it's a continually produced and consumed on a daily basis.

The amount of wealth that is destroyed, or more accurately: never created, by bad policy decisions is vast. It's just not always obvious.

[elasticband]

i am going to say BNP Paribas bought them all

[derpinheimer]

One buyer is very bullish.  It means the sale price was likely higher than most anticipated.

It means only that one buyer with deep pockets was less greedy than all the others.  They may all have bid at 475$, and he bid 460$ 

Its definitely possible, and that would be terrible news, but I think it should have sold for $675 minimum. For someone buying all 30k, that is major savings.

[JorgeStolfi]

"One Auction Bidder Claimed All 30,000 Silk Road Bitcoins"
What if...

Could be... But there are many other candidates.  Not necessarily in the bitcoin community.

I would put Brock Pierce near the top of my guess list.  He already has cornered a virtual currency market once...

[600watt]

easy to figure out who was the single bidder:

it was bnp paribas in a desperate attempt to get back their $ 9 billion via btc arbitrage trading...  

[ChrisML]

BTW. Just out of curiousity, what the fuck happend to that gay boy Karpeles? He in jail? Awaiting trail? Housearrest?

[Richy_T]

Believe me: I have lived most of my life in a country with high inflation, sometimes hyperinflation, that periodically had to redefine the currency by dropping three zeros.  (I still must have somehere coins whose nominal value today is a few pico- or femtodollars.)  Inflation and hyperinflation are a big inconvenience, waste a lot of time, make things inefficient and stressful; but people can finda ways to adapt and survive, and the country continues to function without becoming a Mad Max world.

For sure

https://www.facebook.com/photo.php?v=634731429943273

[kodtycoon]

BTW. Just out of curiousity, what the fuck happend to that gay boy Karpeles? He in jail? Awaiting trail? Housearrest?

living in a pent house apartment in tokyo afaik. could of been rummer.

[Richy_T]

No matter how much  money the government creates of derstroys, confiscates or gives away, the real weath of the country will not change.  Fiddling with the finacial system, the currency, and the money supply can only change the distribution of wealth among the citizens

Incorrect. That money represents claims on real resources. When the government starts messing with things, those resources get misallocated and removed from the economy.

On the other hand, in economic crises and hyperinflation times, the austerity measures that neocons have convinced nations to use are precisely designed to trasfer wealth from ordinary citizens to the banks and big financial players.  If such a crisis comes, can bitcoin (assuming it succeeds) save our wealth from being taken that way?  I don't think that will work. For one thing among many, in a crisis most people need to take money out of investment funds and savings in order to survive; so the value of bitcoin is likely to drop, due to diminished demand, rather than increase.  

By the time austerity measures are needed, that wealth has already been taken by the wealthy. The solution is not to just keep printing more and more money, however, that just keeps the transfer going. Austerity measures *are* needed but in true government fashion, they tend to implement measures that hurt rather than help.

[SirChiko]

Ahh...i've been hoping to see 700+ after some time off network, but still better than sub 600!

[JorgeStolfi]

No matter how much  money the government creates of derstroys, confiscates or gives away, the real weath of the country will not change.  Fiddling with the finacial system, the currency, and the money supply can only change the distribution of wealth among the citizens

Tragically, myopically, false.
Wealth is not a static thing - it's a continually produced and consumed on a daily basis.
The amount of wealth that is destroyed, or more accurately: never created, by bad policy decisions is vast. It's just not always obvious.

Indeed, I oversimplified.  Inflation, economic crises, and bad monetary decisions can of course cause much waste, and reduce the production of new wealth.  Although one could argue that their primary effect is to redistribute ownership of wealth in the wrong ways, e.g. from domestic workers and good industries to bankers, foreign workers, and bad industries.  The collapse in production then follows from that ba redistribution.

[JorgeStolfi]

BTW. Just out of curiousity, what the fuck happend to that gay boy Karpeles? He in jail? Awaiting trail? Housearrest?

He s free, living in Tokyo, and has recently gven interviews to US newpapers.  These were posted somewhere on this forum.

[ShroomsKit]

If only i could stop seeing that jorgestolfi name on every page. That would be so nice.

[JorgeStolfi]

[ ... ] and the country continues to function without becoming a Mad Max world.

For sure

https://www.facebook.com/photo.php?v=634731429943273

You should spend a few days here to have a glimpse of what the country is like. A bit larger than what you can see through the internet... 

[seldon]

priceless

[JorgeStolfi]

If only i could stop seeing that jorgestolfi name on every page. That would be so nice.

One should never insult strangers on the internet. You never know what they can do to hurt you.

[ Original images from Wikimedia Commons: pigeon dog ]

[seljo]

i am going to say BNP Paribas bought them all

This.

[wachtwoord]

i am going to say BNP Paribas bought them all

This.

I speculated this on another forum as well. The most obvious ones to want to stay anonymous.

I still want to know what they paid though

[gimme_bottles]

i am going to say BNP Paribas bought them all

This.

Why BNP?

Sorry if I missed in some rumors.

[hyphymikey]

How could they let people know they lost already when the award process is ongoing? You have to pass the background check before the auction so that can't be it. I bet someone won all the blocks of coins at a high price, and if I am not mistaken, I read or heard they were selling them in chunks so no one entity could turn around and sell them. I think it was on the news clip that aired right before the auction. My guess is some bank bought them all and they are trying to revise the rules, to whose benefit I have no idea.

Just wanted to publicly pat myself on the back.

EDIT: I also give less than 1% chance this entity will sell anytime soon.